The report, prepared for the trust in May 2016, is in stark contrast to the Berejiklian government's claims that it would cost $714 million to ensure the venue met safety standards.

Rather than upgrading, the government decided to rebuild the Moore Park stadium for $729 million.

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Demolition of the stadium, including ripping off the roof, is already under way, despite several attempts at legal action to stop it until after Saturday's election.

The report, by Asset Technologies Pacific and marked confidential, says Allianz Stadium could be upgraded to address "current non-compliance" for $18,153,800.

It goes on to say that Allianz would incur "minor non-compliance" issues with "each succeeding iteration of the standards, legislation and codes". But these could be easily fixed.

"These minor issues can be addressed through partial voluntary upgrades over the forthcoming 10-year period until such a time as the next major refurbishment is undertaken," the report says.

The report also says that a "critical remediation" of Allianz would cost $130 million but this would include "end of life issues" ranging from refurbishing "bathroom and public amenities" to repairing the trust's pool deck and change room and scoreboards.

Heavy equipment: demolition work gets under way at Allianz Stadium this week.Credit:AAP

The $18 million figure includes "safety and compliance" requirements ($15.5 million) and security requirements ($3.8 million), the document shows.

Mr Daley said the report "exposes once and for all their entire case for the stadium splurge to be nothing more than a sham".

“Instead they wanted a gold plated stadium. What a disgrace," he said.

Sports Minister Stuart Ayres, whose portfolio oversees the stadium and the trust, said Infrastructure NSW found that a complete rebuild of Allianz was better value for taxpayers than a refurbishment.

"This report was produced in accordance with the Legislative Council call for papers in 2018. It was then considered as part of the Upper House Public Works Committee into stadia. That committee concluded that there were significant safety and security breaches at the facility," he said.

"They recommended the full redevelopment of Sydney Football Stadium. [Labor MP] Lynda Voltz was a member of that committee.

"After an exhaustive and detailed process Infrastructure NSW (INSW) valued a refurbishment of the SFS at $714.5 million and a rebuild at $729 million. INSW also identified the option to rebuild provided better value to the taxpayer than a refurbishment."

Mr Daley stepped up his attack on the government's decision to rebuild Allianz, when he told Alan Jones earlier this month that he would sack the broadcaster and the majority of the trust board if elected.

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But this week, the focus on stadiums was overtaken as Mr Daley was dogged with questions about preference deals and comments he made about Asian students.